Cash ISA - Instant access Tax-Free savings | NatWest

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You can save up to £20,000 in the 2018/2019 tax year up to 5th April 2018.

There are several ISA options available: Help to Buy: ISA, Fixed Term ISAs and a Stocks & Shares ISA through Natwest Invest. See all your ISA options here.

Summary Box

Account Name: Cash ISA

1. What is the interest rate?

Balance

Tax-free p.a./AER (variable)

£1 - £9,999

0.10%

£10,000 - £24,999

0.25%

£25,000 - £49,999

0.50%

£50,000+

0.75%

Interest is paid on a tiered basis which means you’ll earn one rate on your entire account balance.

Interest is calculated daily and paid into your account on the first business day of the month and at account closure.

2. Can NatWest change the interest rate?

Yes, these rates are variable.

They may be changed for any of the reasons set out in Term 9.2 of the Savings Account Terms (PDF, 605KB), e.g. to take account of Bank of England base rate changes or changes in the rates paid by other banks. If the rates are going down and your balance is £100 or more, we’ll give you at least 14 days’ notice. If the rates are going down and your balance is less than £100, we’ll inform you before the change or shortly afterwards. If the rates are going up, we’ll inform you before the change or shortly afterwards. Term 9.2 also contains details of the notice we’ll give you.

3. What would the estimated balance be after 12 months based on a range of deposits?

Initial deposit at account opening

Balance after 12 months

Interest earned

£1,000.00

£1,001.00

£1.00

£10,000.00

£10,025.03

£25.03

£25,000.00

£25,125.29

£125.29

£50,000.00

£50,376.29

£376.29

These are only examples and do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made; there is no change to interest rates and tiers; and any interest earned stays in the account.

4. How do I open and manage my account?

Eligibility

You must be aged 16 years or over and be resident in the UK for tax purposes.

You must:

not have subscribed to another cash ISA (including a Help to Buy: ISA with another provider) or have subscribed more than the overall subscription limit in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA in the same tax year

hold the account solely in your name

You can open and manage your account in branch, online, by telephone and by using our mobile app.

Balance and ISA allowance

There is no minimum deposit required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.

However, there is a limit on the amount you can pay into your account each tax year (6 April to 5 April). This annual limit also known as your “ISA allowance”, is set by the Government and may change from time to time. For tax year 2018/2019 it is £20,000. If you pay in more than the limit any excess money will be returned to you.

If you make a payment for a tax year into your Cash ISA, you can’t make any payments for that tax year into any other cash ISA except for a NatWest Help to Buy: ISA.

Making payments to both a NatWest Cash ISA and a NatWest Help to Buy: ISA

You can make payments to a Help to Buy: ISA in the same tax year as a NatWest Cash ISA provided that:

the Help to Buy: ISA is held with us; and

you don't pay in more than the ISA allowance between the Cash ISA and the Help to Buy: ISA.

5. Can I withdraw money?

You can withdraw money: in branch or by transfer to any other account based in the UK (online, by telephone or on the mobile app).

If you make a withdrawal, you will not be able to deposit more money into your account if it means you will exceed the annual limit.

You can transfer your ISA (or part of it) to another ISA manager.

There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking.

The current daily limits and how to withdraw more than them can be found here or by contacting Telephone Banking.

6. Additional information?

Tax:

The interest payable is tax-free. The tax treatment may be subject to change in the future and depends on your individual circumstances.

Definitions

AER (Annual Equivalent Rate):

This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.